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Senate of Pennsylvania
Session of 2015 - 2016 Regular Session

MEMORANDUM

Posted:	March 24, 2015 12:40 PM
From:	Senator Judith L. Schwank and Sen. Elder A. Vogel, Jr.
To:	All Senate members
Subject:	First Indistries Program

In the near future, we will be introducing legislation that would amend Title 64 (Public Authorities and Quasi-Public Corporations) to eliminate sunset provisions of the Commonwealth’s First Industries Program, specifically as the program provisions relate to providing financial tools targeted toward assisting the agriculture industry. This legislation will continue the ability of farm credit institutions to participate in the First Industries Program, and enable the Commonwealth Financing Authority to continue providing guarantees of 51% to 90% of the loan principal to finance an agricultural project. Additionally, it continues a provision reducing the private investment minimum to $500,000.00. These provisions were amended into Title 64 in 2007, and in 2011 legislation extended farm credit institutions participation in the program with an expiration date of July 15, 2015. The program has proven its worth to the agriculture community and this legislation will extend the farm credit institutions participation beyond the July 15, 2015 sunset date.

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